Grey tips get speeds or spins (7)
I believe the answer is:
gyrates
'spins' is the definition.
('gyrate' can be a synonym of 'spin')
'grey tips get speeds' is the wordplay.
'tips' says to hollow out the word (remove centre letters) (just the outer letters of the world).
'get' means one lot of letters go next to another.
'speeds' becomes 'rates' (rate is the speed at which something happens).
'grey' with its centre taken out is 'gy'.
'gy'+'rates'='GYRATES'
'or' acts as a link.
(Other definitions for gyrates that I've seen before include "Spins, whirls" , "gets into a spin" , "Circles" , "Moves in a spiral course" , "turns" .)